Cushman & Wakefield Residential has announced that it has secured one of Orco Group's funds as the funding partner to undertake development at the Otrada Equestrian Centre in Moscow in a deal worth $200 mln (EUR 141 mln).
Cushman & Wakefield Residential has announced that it has secured one of Orco Group's funds as the funding partner to undertake development at the Otrada Equestrian Centre in Moscow in a deal worth $200 mln (EUR 141 mln).
Otrada Equestrian Club is the venue for the Rolex Polo Cup, the Moscow Polo Cup and the Russian Polo Cup, Cushman & Wakefield said in a statement. The deal between Otrada and Orco Group's Endurance Fund involved a 18.5-hectare development site situated around the equestrian club.
The development has been organised into 4 phases. Phase one consists of 14 villas, phases two and three, a development of between 50-70,000 m2 and phase four is a hotel and spa of some 30,000 m2. Orco Group will rent out the finished villas to corporate clients.
Christoph Manthe, managing director of the Endurance Fund said: 'This is the first acquisition for the Endurance Fund in Russia so far, it allows us to manage a rental portfolio of great quality in a growing market.'
